Weighted average number of common shares outstanding—basic and
diluted

235.1

229.7

233.1

228.8

LNG exported:

Number of cargoes

70

23

205

56

Volumes (TBtu)

252

81

734

195

LNG volumes loaded (TBtu)

252

82

735

196

Revised 2018 Full Year Guidance (in billions)

Previous

Revised

Consolidated Adjusted EBITDA2

$1.9 - $2.1

$2.0 - $2.2

Distributable Cash Flow2

$0.2 - $0.4

$0.2 - $0.4

Recent Highlights

Strategic

We took several steps to advance the commercialization and development
of Train 3 at the CCL Project (defined below) and progress toward a
final investment decision (“FID”), including:

In February 2018, we entered into two LNG Sale and Purchase
Agreements (“SPAs”) with PetroChina International Company Limited,
a subsidiary of China National Petroleum Corporation (“CNPC”), for
the sale of approximately 1.2 million tonnes per annum (“mtpa”) of
LNG through 2043, with a portion of the supply beginning in 2018
and the balance beginning in 2023.

In January 2018, we entered into a 15-year LNG SPA with Trafigura
Pte Ltd (“Trafigura”) for the sale of approximately 1 mtpa of LNG
beginning in 2019.

In December 2017, Corpus Christi Liquefaction, LLC entered into an
amended and restated EPC contract with Bechtel Oil, Gas and
Chemicals, Inc. (“Bechtel”) for Train 3 of the CCL Project. Corpus
Christi Liquefaction, LLC also issued limited notice to proceed to
Bechtel, and procurement and early site work has commenced.

We entered into additional term agreements for a portion of the LNG
volumes expected to be available to our marketing function. To date,
we have contracted for approximately 2 million tonnes of LNG from
2018-2020.

In October 2017, we began the process of amending our filing with the
Federal Energy Regulatory Commission for the Corpus Christi Expansion
Project (defined below) to incorporate midscale liquefaction
technology.

Operational

Substantial completion of Train 4 of the SPL Project (defined below)
was achieved in October 2017, more than five months ahead of the
guaranteed completion date.

Over 200 cargoes were produced, loaded, and exported from the SPL
Project in 2017. To date, approximately 300 cumulative LNG cargoes
have been exported from the SPL Project, with deliveries to 25
countries and regions worldwide.

Over 1,100 TBtu of natural gas feedstock has been nominated to the SPL
Project since startup, with 99.9% scheduling efficiency.

Financial

For full year 2017, we achieved Consolidated Adjusted EBITDA of $1.8
billion, within our guidance range of $1.8-$1.9 billion, and
Distributable Cash Flow of $0.6 billion, within our guidance range of
$0.5-0.7 billion.

The date of first commercial delivery (“DFCD”) was reached under the
20-year SPA with Korea Gas Corporation related to Train 3 of the SPL
Project in June 2017, and under the respective 20-year SPAs with Gas
Natural Fenosa LNG GOM, Limited and BG Gulf Coast LNG, LLC relating to
Train 2 of the SPL Project in August 2017. DFCD under the 20-year SPA
with GAIL (India) Limited related to Train 4 of the SPL Project is
expected to be reached in March 2018.

Liquefaction Projects Update

SPL Project

CCL Project

Liquefaction Train

Trains 1-3

Train 4

Train 5

Train 6

Trains 1-2

Train 3

Project Status

Operational

Operational

UnderConstruction

Permitted

UnderConstruction

Permitted

Expected Substantial Completion

Complete

Complete

1H 2019

—

T1 - 1H 2019

T2 - 2H 2019

—

Expected DFCD Window Start

Complete

1H 2018

2H 2019

—

T1 - 1H 2019

T2 - 1H 2020

—

Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported net
income1 of $127 million, or $0.54 per share (basic and
diluted), for the three months ended December 31, 2017, compared to net
income of $110 million, or $0.48 per share (basic and diluted), for the
comparable 2016 period. The increase in net income was primarily due to
increased income from operations as a result of additional Trains in
operation at the SPL Project and decreased loss on early extinguishment
of debt, partially offset by decreased derivative gain associated with
interest rate derivative activity, increased allocation of net income to
non-controlling interest, and increased interest expense, net of amounts
capitalized.

Cheniere reported net loss of $393 million, or $1.68 per share (basic
and diluted), for the twelve months ended December 31, 2017, compared to
net loss of $610 million, or $2.67 per share (basic and diluted), for
the comparable 2016 period. The decrease in net loss was primarily due
to increased income from operations as a result of additional Trains in
operation at the SPL Project, partially offset by increased allocation
of net income to non-controlling interest and increased interest
expense, net of amounts capitalized.

Consolidated Adjusted EBITDA2 for the three and twelve months
ended December 31, 2017 was $523 million and $1.8 billion, respectively,
compared to $136 million and $155 million for the comparable 2016
periods. The increases in Consolidated Adjusted EBITDA during the
respective periods were primarily due to increased income from
operations.

During the three and twelve months ended December 31, 2017, 70 and 205
LNG cargoes, respectively, were exported from the SPL Project, of which
2 and 14, respectively, were commissioning cargoes. Twelve cargoes
exported from the SPL Project and sold on a delivered basis were in
transit as of December 31, 2017.

“2017 was a breakthrough year for Cheniere, with milestone achievements
throughout the company, and with 2018 off to a robust start, we are
raising our full year guidance,” said Jack Fusco, Cheniere’s President
and CEO. “In 2017, we demonstrated our commitment to execution and
operational excellence by bringing the third and fourth Trains at Sabine
Pass online ahead of schedule and on budget, fulfilling our obligations
to our foundation customers, and successfully marketing and delivering
portfolio LNG volumes. Financially, we delivered on revised guidance and
strengthened the balance sheets across our structure. Strategically, we
have made significant recent progress toward FID for Train 3 at Corpus
Christi by entering into three long-term SPAs, two with CNPC and one
with Trafigura, and by issuing Bechtel a limited notice to proceed under
the EPC Contract for Train 3.

“As we begin 2018, we are committed to capitalizing on these successes
by continuing to supply LNG safely and reliably to our customers,
progressing construction on Train 5 at Sabine Pass and Trains 1 and 2 at
Corpus Christi, and delivering on our growth plans by expanding our
liquefaction platform beyond seven Trains.”

LNG Volume Summary

The following table summarizes the volumes of operational and
commissioning LNG that were loaded from the SPL Project and for which
the financial impact was recognized on our Consolidated Financial
Statements during the three and twelve months ended December 31, 2017:

Three Months Ended December 31, 2017

Year Ended December 31, 2017

(in TBtu)

Operational

Commissioning

Operational

Commissioning

Volumes loaded during the current period

245

7

684

51

Volumes loaded during the prior period but recognized during the
current period

7

4

19

—

Less: volumes loaded during the current period and in transit at the
end of the period

(43

)

—

(43

)

—

Total volumes recognized in the current period

209

11

660

51

In addition, during the three and twelve months ended December 31, 2017,
we recognized the financial impact of volumes of 34 and 98 TBtu,
respectively, on our Consolidated Financial Statements related to LNG
cargoes sourced from third parties.

Total revenues increased $1.2 billion and $4.3 billion during the three
and twelve months ended December 31, 2017 as compared to the three and
twelve months ended December 31, 2016, respectively. Total operating
costs and expenses increased $855 million and $2.9 billion during the
three and twelve months ended December 31, 2017, respectively, compared
to the three and twelve months ended December 31, 2016.

Variances in results of operations for the three and twelve months ended
December 31, 2017, compared to the three and twelve months ended
December 31, 2016, were primarily driven by the timing of completion of
Trains at the SPL Project and the length of each Train’s operations
within the periods being compared.

Selling, general and administrative expense included share-based
compensation expenses of $17 million and $55 million for the three and
twelve months ended December 31, 2017, respectively, compared to $7
million and $38 million for the comparable 2016 periods.

Although we realized net income before non-controlling interest during
the twelve months ended December 31, 2017, we realized a net loss
attributable to common stockholders during the period as a result of the
amortization of the beneficial conversion feature on Cheniere Partners’
Class B units impacting net income attributed to non-controlling
interest. The impact to net income (loss) attributable to
non-controlling interest due to the non-cash amortization of the
beneficial conversion feature was $748 million during the twelve months
ended December 31, 2017 compared to $34 million during the twelve months
ended December 31, 2016. Although the amortization of the beneficial
conversion feature on Cheniere Partners’ Class B units ceased upon the
conversion of these units into common units on August 2, 2017, the share
of Cheniere Partners’ net income (loss) that is attributed to
non-controlling interest holders has increased from that date as a
result of the increased ownership percentage by non-controlling interest
holders subsequent to the conversion.

Capital Resources

As of December 31, 2017, we had cash and cash equivalents of $722
million available to us. In addition, we had current and non-current
restricted cash of $1.9 billion designated for the following purposes:
$544 million for the SPL Project, $227 million for the CCL Project, $1.1
billion for restricted purposes under the terms of Cheniere Partners’
credit facilities and $75 million for other restricted purposes.

Liquefaction Projects

SPL Project

Through Cheniere Partners, we are developing up to six natural gas
liquefaction Trains at the Sabine Pass LNG terminal adjacent to the
existing regasification facilities (the “SPL Project”). Each Train is
expected to have a nominal production capacity, which is prior to
adjusting for planned maintenance, production reliability, and potential
overdesign, of approximately 4.5 mtpa and an adjusted nominal production
capacity of approximately 4.3 to 4.6 mtpa of LNG. Trains 1 through 4 are
operational, Train 5 is under construction, and Train 6 is being
commercialized and has all necessary regulatory approvals in place.

CCL Project

We are developing up to three Trains near Corpus Christi, Texas (the
“CCL Project”). Each Train is expected to have a nominal production
capacity, which is prior to adjusting for planned maintenance,
production reliability, and potential overdesign, of approximately 4.5
mtpa of LNG. Trains 1 and 2 are under construction, and Train 3 is being
commercialized and has all necessary regulatory approvals in place.

Corpus Christi Expansion Project

We are developing up to seven midscale liquefaction trains adjacent to
the CCL Project (the “Corpus Christi Expansion Project”), each with an
expected nominal production capacity, which is prior to adjusting for
planned maintenance, production reliability, and potential overdesign,
of approximately 1.4 mtpa of LNG. The total expected nominal production
capacity of the seven midscale Trains is approximately 9.5 mtpa. We have
initiated the regulatory approval process with respect to the Corpus
Christi Expansion Project.

Investor Conference Call and Webcast

We will host a conference call to discuss our financial and operating
results for the fourth quarter and full year on Wednesday, February 21,
2018, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only
webcast of the call and an accompanying slide presentation may be
accessed through our website at www.cheniere.com.
Following the call, an archived recording will be made available on our
website.

1 Net income (loss) as used herein refers to Net income
(loss) attributable to common stockholders on our Consolidated
Statements of Operations.

2 Non-GAAP financial measure. See “Reconciliation of Non-GAAP
Measures” for further details.

About Cheniere

Cheniere Energy, Inc., a Houston-based energy company primarily engaged
in LNG-related businesses, owns and operates the Sabine Pass LNG
terminal in Louisiana. Directly and through its subsidiary, Cheniere
Energy Partners, L.P., Cheniere is developing, constructing, and
operating liquefaction projects near Corpus Christi, Texas and at the
Sabine Pass LNG terminal, respectively. Cheniere is also exploring a
limited number of opportunities directly related to its existing LNG
business.

For additional information, please refer to the Cheniere website at www.cheniere.com
and Annual Report on Form 10-K for the fiscal year ended December 31,
2017, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical or present
facts or conditions, included herein are “forward-looking statements.”
Included among “forward-looking statements” are, among other things, (i)
statements regarding Cheniere’s business strategy, plans and objectives,
including the development, construction and operation of liquefaction
facilities, (ii) statements regarding expectations regarding regulatory
authorizations and approvals, (iii) statements expressing beliefs and
expectations regarding the development of Cheniere’s LNG terminal and
pipeline businesses, including liquefaction facilities, (iv) statements
regarding the business operations and prospects of third parties, (v)
statements regarding potential financing arrangements and (vi)
statements regarding future discussions and entry into contracts.
Although Cheniere believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be
incorrect. Cheniere’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety
of factors, including those discussed in Cheniere’s periodic reports
that are filed with and available from the Securities and Exchange
Commission. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Other
than as required under the securities laws, Cheniere does not assume a
duty to update these forward-looking statements.

Outstanding: 237.6 million shares and 238.0 million shares at
December 31, 2017 and 2016, respectively

1

1

Treasury stock: 12.5 million shares and 12.2 million shares at
December 31, 2017 and 2016, respectively, at cost

(386

)

(374

)

Additional paid-in-capital

3,248

3,211

Accumulated deficit

(4,627

)

(4,234

)

Total stockholders’ deficit

(1,764

)

(1,396

)

Non-controlling interest

3,004

2,235

Total equity

1,240

839

Total liabilities and equity

$

27,906

$

23,703

______________

(1)

Please refer to the Cheniere Energy, Inc. Annual Report on Form 10-K
for the fiscal year ended December 31, 2017, filed with the
Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

In addition to disclosing financial results in accordance with U.S.
GAAP, the accompanying news release contains non-GAAP financial
measures. Consolidated Adjusted EBITDA and Distributable Cash Flow are
non-GAAP financial measures that we use to facilitate comparisons of
operating performance across periods. These non-GAAP measures should be
viewed as a supplement to and not a substitute for our U.S. GAAP
measures of performance and the financial results calculated in
accordance with U.S. GAAP and reconciliations from these results should
be carefully evaluated.

Consolidated Adjusted EBITDA represents net income (loss) attributable
to Cheniere before net income (loss) attributable to the non-controlling
interest, interest, taxes, depreciation and amortization, adjusted for
certain non-cash items, other non-operating income or expense items, and
other items not otherwise predictive or indicative of ongoing operating
performance, as detailed in the following reconciliation. Consolidated
Adjusted EBITDA is not intended to represent cash flows from operations
or net income (loss) as defined by U.S. GAAP and is not necessarily
comparable to similarly titled measures reported by other companies.

We believe Consolidated Adjusted EBITDA provides relevant and useful
information to management, investors and other users of our financial
information in evaluating the effectiveness of our operating performance
in a manner that is consistent with management’s evaluation of business
performance. We believe Consolidated Adjusted EBITDA is widely used by
investors to measure a company’s operating performance without regard to
items such as interest expense, taxes, depreciation and amortization
which vary substantially from company to company depending on capital
structure, the method by which assets were acquired and depreciation
policies. Further, the exclusion of certain non-cash items, other
non-operating income or expense items, and items not otherwise
predictive or indicative of ongoing operating performance enables
comparability to prior period performance and trend analysis.

Consolidated Adjusted EBITDA is calculated by taking net income (loss)
attributable to common stockholders before net income (loss)
attributable to non-controlling interest, interest expense, net of
capitalized interest, changes in the fair value and settlement of our
interest rate derivatives, taxes, depreciation and amortization, and
adjusting for the effects of certain non-cash items, other non-operating
income or expense items, and other items not otherwise predictive or
indicative of ongoing operating performance, including the effects of
modification or extinguishment of debt, impairment expense and loss on
disposal of assets, changes in the fair value of our commodity and
foreign currency exchange (“FX”) derivatives and non-cash compensation
expense. We believe the exclusion of these items enables investors and
other users of our financial information to assess our sequential and
year-over-year performance and operating trends on a more comparable
basis and is consistent with management’s own evaluation of performance.

Distributable Cash Flow is defined as cash received, or expected to be
received, from Cheniere’s ownership and interests in CQP, CQH and
Cheniere Corpus Christi Holdings, LLC, cash received (used) by
Cheniere’s integrated marketing function (other than cash for capital
expenditures) less interest, taxes and maintenance capital expenditures
associated with Cheniere and not the underlying entities. Management
uses this measure and believes it provides users of our financial
statements a useful measure reflective of our business’s ability to
generate cash earnings to supplement the comparable GAAP measure.

We believe Distributable Cash Flow is a useful performance measure for
management, investors and other users of our financial information to
evaluate our performance and to measure and estimate the ability of our
assets to generate cash earnings after servicing our debt, paying cash
taxes and expending sustaining capital, that could be used for
discretionary purposes such as common stock dividends, stock
repurchases, retirement of debt, or expansion capital expenditures.
Management uses this measure and believes it provides users of our
financial statements a useful measure reflective of our business’s
ability to generate cash earnings to supplement the comparable GAAP
measure. Distributable Cash Flow is not intended to represent cash flows
from operations or net income (loss) as defined by U.S. GAAP and is not
necessarily comparable to similarly titled measures reported by other
companies.

Non-GAAP measures have limitations as an analytical tool and should not
be considered in isolation or in lieu of an analysis of our results as
reported under GAAP, and should be evaluated only on a supplementary
basis.

Consolidated Adjusted EBITDA

The following table reconciles our Consolidated Adjusted EBITDA to U.S.
GAAP results for the three and twelve months ended December 31, 2017 and
2016 (in millions):

Three Months Ended

Year Ended

December 31,

December 31,

2017

2016

2017

2016

Net income (loss) attributable to common stockholders

$

127

$

110

$

(393

)

$

(610

)

Net income (loss) attributable to non-controlling interest

153

40

956

(55

)

Income tax provision

4

—

3

2

Interest expense, net of capitalized interest

208

158

747

488

Loss on early extinguishment of debt

—

52

100

135

Derivative loss (gain), net

(44

)

(232

)

(7

)

10

Other income

(7

)

(6

)

(18

)

—

Income (loss) from operations

$

441

$

122

$

1,388

$

(30

)

Adjustments to reconcile income (loss) from operations to
Consolidated Adjusted EBITDA:

Depreciation and amortization expense

104

68

356

174

Loss (gain) from changes in fair value of commodity and FX
derivatives, net

(34

)

(60

)

33

(37

)

Total non-cash compensation expense

8

3

28

35

Impairment expense and loss on disposal of assets

4

3

19

13

Consolidated Adjusted EBITDA

$

523

$

136

$

1,824

$

155

Consolidated Adjusted EBITDA and Distributable Cash Flow

The following table reconciles our actual Consolidated Adjusted EBITDA
and Distributable Cash Flow to Net loss attributable to common
stockholders for 2017 and forecast amounts for 2018 (in billions):

2017

Prior 2018

Revised 2018

Net income (loss) attributable to common stockholders

$

(0.4

)

$

(0.1

)

-

$

0.1

$

0.1

-

$

0.1

Net income attributable to non-controlling interest

1.0

0.6

-

0.6

0.6

-

0.7

Income tax provision (benefit)

0.0

(0.0

)

0.0

Interest expense, net of capitalized interest

0.7

0.9

0.9

Loss on early extinguishment of debt

0.1

0.0

0.0

Derivative loss (gain), net

(0.0

)

0.0

0.0

Other expense (income)

(0.0

)

0.0

(0.0

)

Income from operations

$

1.4

$

1.4

-

$

1.6

$

1.5

-

$

1.7

Adjustments to reconcile income from operations to Consolidated
Adjusted EBITDA: